Regulatory Alerts1996-01-04
Added · Updated
Exchange Law No. 3/96 of January 4
The Assembly of the Republic enacted Exchange Law No. 3/96 to govern foreign exchange operations between residents and non-residents, defining resident status, foreign currency, and authorized trading entities such as commercial banks and exchange houses. The law establishes penalties for exchange misdemeanors, including fines of double to quintuple the transaction value or fixed amounts between 5,000,000.00 and 100,000,000.00 Meticais, and mandates imprisonment for exchange fraud. It assigns the Bank of Mozambique the authority to apply sanctions for misdemeanors and defines the regulatory framework for currency entry, exit, and account management.
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